Showcase & Awards 9th Asia-Pacific - MTN
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9 Asia-Pacific th Showcase & Awards SHOWCASE SPONSORS
Crédit Agricole Corporate and Investment Bank is authorised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and supervised by the European Central Bank (ECB), the ACPR and the Autorité des Marchés Financiers (AMF) in France and subject to limited regulation
by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from Crédit Agricole Corporate and Investment Bank London branch
on request. Crédit Agricole Corporate and Investment Bank is incorporated in France with limited liability and registered in England & Wales. Registered number: FC008194. Branch No. BR 1975. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
2
2018
awards
Dealer
Asian PP
of the Year
www.ca-cib.com
2018
awards
due 2028
CAD180m
SRI Notes Series
Deal of the Year
2018
awards
due 2028
NZD200m
Notes Series
Deal of the Year
2018
awards
USD6bn
due 2048
Formosa Notes
winning partner
Deal of the Year
Welcome to mtn-i’s 2018 Asia-Pacific
Showcase and Awards!
Bulls Busted Ranging the Region
As we meet in the midst of the predicted end of a sustained bull run in The 2018 awards themselves
equities and bonds - the parallel catalysts for most of our recognitions reveal the region’s private debt
and the trends behind them – how could it be a more interesting moment investors buying into their
to be thinking about the way forward for borrowers and investors! broadest range of credits,
currencies and innovative
So I’m very excited about the thought we put into the new thematic
structures yet, while
presentation of our awards this year – in line with our editorial team’s
also pioneering digital
presentation of these trends at the start of the lunch-time showcase that
distribution. And more
precedes them.
than ever, they highlight
Indeed we’ve laid out these theme/trends alongside their corresponding the unique contribution
award recognitions in this event brochure and colour coded them to that MTN private
give greater coherence to our efforts to illustrate how these markets fit placements make to the
together – an idea we greatly look forward to hearing your feed-back on! incubation of innovation
and pioneering of new
And what better task for our Key Market Panellists – the leaders of
capital market frontiers in
the most significant private debt and MTN businesses in Asia – to
the region and beyond!
consider how the current global bond and equity turmoil will impact the
biggest themes of the last year and issuer and investor challenges and mtn-i’s 2018 Asia-Pacific MTN
opportunities going forward. Awards reveal the region’s private
debt investors buying into their broadest
It’s going to be an unmissable discussion, followed by our 8 strong line
range of credits, currencies and innovative structures yet, while also
up of 5 minute Power Pitches from the leading FIG, Corporate, SSA
pioneering digital distribution. And more than ever, they highlight
issuers and structurer’s and dealers that will be delivering them. We will
the unique contribution that MTN private placements make to the
also be looking ahead of the latest market convulsions to the bigger
incubation of innovation and pioneering of new capital market frontiers
long term trends of digitisation with one of the world’s leading bond
in the region and beyond!
platform innovators!
1
Themes and Growth Targeted Disruptive Dealers
We’ve put major emphasis on recognising the evolution of the most More excitingly still, beyond the economic and regulatory factors
significant Asian capital market themes and growth trends across driving these diversifications, buyers are also reaping the produce of
our award categories – cross-border and unrated corporate credit a ‘start-up’ culture at some investment banks in Asia. Where once
origination, the rise of Gulf bank and sovereign issuance, next- newcomers chased the core flow business of dominant players, several
generation structuring solutions and digitisation, and the evolution of of our awards recognise the entrepreneurial exploitation of niche global
the green and social bond space among them! expertise and client relationships in new ‘disruptive’ investor solutions.
One of the most striking aspects of this year’s awards is how many Natixis launched a raft of next-generation structures, including the
of the winning deals and performances combine these themes – world’s first Asian index for structured products. CBA led the World
underlining investor appetite for new stories! You’ll have the opportunity Bank’s landmark debut bond-i blockchain deal and collaborated
to be pitched these stories in person against the clock at our Asia- with DTW on further ground-breaking green funding for Monash
Pacific Showcase Lunch in Hong Kong on 18th October, before University. ING delivered an unrated corporate in green format in two
celebrating at the evening’s Awards Dinner. Asian EM currencies.
24,000 Trades Crunched Formosa Flows
The awards are the result of 25 presentations While we’ve recognised the most significant
and conference calls with dealers and innovation and exploration, the Awards embrace
issuers pitching 150 deal and performance performance in the region’s biggest capital
candidates! We put the mtn-i data platform’s flows. Although not the biggest year in
analytic tools to work on the 24,000 Asia- the Formosa markets history, a Deal
targeted deals we’ve reported in the last of the Year award recognises its first
year totalling a whopping USD240bn. sovereign issuer and biggest ever
deal – Qatar’s USD6bn debut, along
We also identified the region’s top 10
with a Dealer of the Year award for
most important themes and growth
Standard Chartered’s leadership
trends so that we could calibrate
and innovation in the product and
the relevance of our decisions and
a Rising Star award for SocGen’s
balance selections overall. These
success in delivering Korean issuers
were also helpful in resolving
and its rise up the rankings.
impassioned argument among the
editorial team over our choices and Meanwhile, the stratospheric growth
will feature along with many of the and notable ambition of Export-Import
winners in our Asia-Pacific Showcase Bank of China’s MTN output has landed
on 18th October. the credit a Rising Star award.
2
Gulf Stream Index Excitement
The key role of Asian investors in funding Gulf banks and sovereigns’ Finally, our Editor’s Award – reserved for initiatives whose impact
USD18bn in private debt over the last year is reflected across an extends beyond any series of deals – recognises the pioneering
Issuer of the Year award for Qatar National Bank and three deal collaboration between Natixis (our Structured Dealer of the Year) and
awards. Besides Qatar’s debut, these recognise both Emirates NBD Korea Exchange in creating the KOSPI 3 Index, the first ever Asian
and QNB. index designed for structured products.
Corporates Rising Inspiration Exchange
Recognition of the USD21bn raised by over 70 corporates from We greatly hope you enjoy the
privately placed debt in Asia in the last year is highlighted across 2018 Asia-Pacific Awards
five different award categories. They include Deal of the Year awards Showcase and look forward
for Chilean mining company Codelco’s Formosa debut and a series to seeing you online with
of previously unseen corporates into key Japanese institutional our daily global market
accounts. An Investor Solutions award credits HSBC’s distribution coverage of these markets
of LatAm credits and a Power Performer award applauds Daimler’s at www.mtn-i.com.
pioneering leadership of China’s Panda private placement market.
And don’t forget in our
constant quest to expand
Green and Social Blooming and deepen this coverage
A five-strong Deal of the Year series recognises the diverse evolution – our 1st Uridashi Awards
of both the green and the social private placement scene in event in Tokyo next week on
Asia. This embraces SSA and corporate issuance, education and 23rd October at Mood Board!
healthcare themes, growth in green Formosas, and multi-currency Thank so much for pitching,
demand across AUD, CAD, EUR, and PLN. presenting, speaking and being
hear today – which ever applies. We
Power Houses are honoured to have you as our guests
and collaborators.
Our Asian Debt Dealer of the Year award to HSBC recognises the
depth and strength of the firm’s reach across Asian debt markets Please don’t hesitate to tell us how it has been for you.
as well as the leadership recognised in its Deal of the Year and
Investor Solutions awards. Our Asian Private Placement Dealer Mike Tims
of the Year award for Credit Agricole spotlights its prolific cross- FOUNDER & CEO
regional origination of credits spanning an unrivalled number of t +44 20 7437 1331
Asia’s key themes and growth trends. e mike@mtn-i.com
3
Formosa Dealer of the Year Standard Chartered’s Formosa leadership over the
past year included inaugural issues for Korean,
Indian and Middle Eastern names. Besides Qatar’s
sovereign landmark and QNB’s record jumbo, its
achievements included Taiwan’s first senior non-
preferred renminbi Formosa - for BNP Paribas.
FORMOSA Rising Star Shrugging off the overall Formosa slowdown,
Dealer Societe Generale’s new underwriting effort paid
immediate dividends. In grabbing as much as 5%
of the third-party market, it claimed the top spot for
Korean issuers and second place for renminbi notes.
Deal of the Year Qatar overcame a host of regulatory obstacles to
USD6bn Formosa Notes due 2048 become the Formosa market’s first-ever sovereign
issuer through its Taipei-listed 30-year. Taiwanese
buyers were the largest participants in the pioneering
• A Dealer of the Year award for USD6bn transaction, which ranks as the largest
Standard Chartered’s leadership Formosa to date.
and innovation in the product Qatar
• A Rising Star award for SocGen’s
success in delivering Korean Deal of the Year BNP Paribas and HSBC’s USD600m Formosa for
issuers and its rise up the rankings USD600m Fixed-Rate Callable Formosa Notes Codelco racked up a series of firsts. The copper
due 2048 giant’s 30NC5 note stands out as Latin America’s
• A Deal of the Year award
debut callable Taipei listing and the inaugural metals
recognises the first sovereign
and mining issue in Formosa format.
Formosa issuer and biggest ever
deal – Qatar’s USD6bn debut
Deal of the Year With SRI sales gaining traction in Taiwan, Kexim
USD400m Green Formosa FRNs due 2023 combined with Deutsche Bank to deliver the first
green Formosa from a third-party issuer. The
USD400m 5-year followed the agency’s earlier green
debut in Masala format.
4
TOP
Dual-Listings
Dual-Listings Drive Formosas
Drive Formosas
1
TREN 0
D
Dual-listed Formosas: 2015-2018 +220% YoY to
6.7BN
Oct 2018
$
• Taiwanese investors are providing anchors for
wider deal distribution
• Over 200% rise in dual-listed CNH and USD FRN
Formosas driven by Qatari and Korean issuers
• Taiwanese regulation has led to reduction in
long-dated Formosa, placing cap on most
insurance companies’ investment limits
• Triple B credits spread, innovation in CMS FRN,
vanilla, call schedules
• Qatar opens sovereign Formosas with 30Y
blockbuster vanilla tranche
5
KOREA Power Performer
Korean Corporate Debt Distribution Nomura’s local capabilities in Seoul and Asian credit
platform equipped it for strong sales of Korean
utilities. It took Expressway, Hydro and Railroad to
Hong Kong while placing Midland Power in Euros
and leading Swiss distribution for the sector.
• State-backed Korean credit’s found Deal of the Year
opportunities in EUR, HKD and CHF With SRI sales gaining traction in Taiwan, Kexim
USD400m Green Formosa FRNs due 2023
• Korean investors sustain long-end combined with Deutsche Bank to deliver the first
and callable EUR growth and drive green Formosa from a third-party issuer. The
debut structured SEK USD400m 5-year followed the agency’s earlier
green debut in Masala format.
• Across issuer classes Korean
names expanded their presence in
the Formosa market
6
TOP
EUR/KRW Swap
EUR/KRW SwapDrives Euro
Drives Euro Demand
Demand
1
TREN 0
D
+30%
20Y+ Euro Callable MTNs: 2015-18
YoY to
3BN
Aug 2018
€
• Attractive EUR/KRW swap drive long-end and
callable flow
• Asia dominates buying of Euro callables in
fixed-rate and zero-coupon format
• 2018 to October volume at EUR3bn, higher
than EUR2bn for all of 2017
• Long-dated and callable Euros have increased
by one third between awards periods,
excluding covereds, NSV and SSD
• Coupon-bearing MTNs lead volume
7
RATES
Structured Dealer of the Year
Cross-asset integration has enabled Natixis to
energise Asian structured markets with innovative
underlyings, wrappers and payoffs. It has captured
arbitrage opportunities and produced milestones
that include dedicated indices, fund-linkers with
CDS overlays and a syndicated loan CLO.
8TOP
USD
USDRates Revival
Rates Revival
1
TREN 0
D
Complex USD Rate Structures: 2016-18
+150% YoY to
3BN
2018
$
• Asian appetite focus on greater yield
enhancement, stemming mainly from Korea
and Taiwan
• Initially demand emerged for steepener
Complex USD Rate Structures: 2016-18 products due to flat curve providing good
entry point
• As curve direction became uncertain range
accruals became focus
• Asian investors prefer dual range accruals
instead of single reference products
9Issuer of the Year
QNB’s private debt prowess enabled it to raise some
USD7bn over the past 12 months despite avoiding
public bond markets. A USD2.4bn pair underscored
its appeal to FRN buyers, while a USD1.5bn
GULF Formosa crowned USD3bn of funding in Taiwan.
CREDITS Deal of the Year
USD6bn Formosa Notes due 2048 Qatar overcame a host of regulatory obstacles to
become the Formosa market’s first-ever sovereign
issuer through its Taipei-listed 30-year. Taiwanese
buyers were the largest participants in the pioneering
USD6bn transaction, which ranks as the largest
Qatar Formosa to date.
• Asian invests support growing Gulf Deal of the Year
presence in private markets with USD2.38bn FRN Series due 2020 Bank of America Merrill Lynch’s power play for
regional risk driving premium Qatar National Bank was anchored by the Gulf FIG’s
• Qatari borrowers account for over largest ever private placement in any format. The
jumbo USD1.38bn floater followed a similar USD1bn
two thirds of Gulf issues
issue days earlier.
• Bahrain sukuk and Qatar Formosa
establish sovereign foothold
Deal of the Year
USD220m Notes Series due 2033 / 37 / 38 Highlighting Gulf credits’ increasing prominence
in Asia, Emirates NBD raised USD220m through
a multi-dealer series that included its longest-ever
vanilla MTNs. Barclays, Commerzbank, Jefferies and
Standard Chartered all contributed to the 15 and
20-year sales.
10TOP
Asia
AsiaFuels
Fuels Gulf FIGRise
Gulf FIG Rise 1
TREN 0
D
+100%
Top Five Gulf Bank Issuers: 2015-18
YoY to
17.5BN
Aug 2018
$
• Regional risk drive premiums for Gulf issuers
• Qatari names grab 70% of 2018 Gulf non-
syndicated volumes
• QNB leads Gulf MTN push as Asia shows ME
spread affinity
• Qatar Formosa and Bahrain sukuk PP expand
sovereign presence
NB: Non-public deals, includes Formosas • FAB emerges with USD1.6bn as ENBD finds
super-long USD250m demand
11Rising Star
Rising Star Issuer Chexim’s emergence as China’s key policy bank
CHINA issuer saw it raise USD2.5bn through international
MTNs. The increasingly active agency harnessed
arbitrage opportunities in Euros before moving on to
CNH US dollars and an inaugural note in Hong Kong.
PANDA Power Performer
Panda Debt Pioneer Daimler’s unmatched commitment to Panda funding
has made it one of China’s corporate finance
leaders. Since pioneering the market’s first non-
financial deal in 2014, its near-USD5bn of Pandas
have included many private deals - culminating in
August’s CNY4bn jumbo.
• Korean, Australian and Canadian Power Performer
issuers lead CNH growth
Offshore Renminbi Debt Leadership Across the Dim Sum and Formosa sectors, Standard
• Total CNH market volume doubled Chartered stood out as the year’s top arranger of
year-on-year offshore renminbi debt. Its leadership was founded
on debuts for regional and international credits –
• Standard Chartered priced first including Apicorp, BNP Paribas, FAB and Hitachi.
ever B&D CP under bond connect
scheme with offshore investor
interest in CITIC
• The Export-Import Bank of Deal of the Year
China entered the market across CNH420m Senior Non-Preferred Notes due 2023 JP Morgan achieved a new landmark in bank capital
currencies when it arranged the first senior non-preferred note
in offshore renminbi. France’s BPCE issued the
5-year issue of bail-in debt.
12TOP
CNH
CNHResurgence
Resurgence
1
TREN 0
D
Non-Syndicated CNH MTN: Q1 17- Q3 18
+120% YoY to
13BN
Sept 2018
$
• Attractive CNH/USD swap helps drive 2018
CNH sales to CNH85bn, doubling in size
CNH 3rd Party Top 5 Dealer League Table: 2018 compared to the previous year
• Taiwan supports strong onshore & offshore
CNH sales
• Barclays wins debut CNH for EBRD
• Canadians return to market as BMO makes
a debut 5Y foray
• HSBC prints CABEI CNH2bn 5Y jumbo
13Investor Solutions
Besides Codelco’s landmark Formosa, HSBC’s
LatAm Credit Distribution
CORPS notable success in tapping Asian liquidity for LatAm
credits saw it place a record CNH2bn into Taiwan
for CABEI. It also arranged a USD725m amortiser
CROSS for CFE and an HDK600m debut for Banco Estado.
BORDERS Rising Star
Rising Star Issuer
Securing arbitrage funding and investor
diversification, Central Nippon Expressway showed
its new commitment to MTNs by racking up
USD750m in the first half of 2018. Its achievements
included a hefty HKD1bn deal, plus an Australian
dollar debut.
• Over USD20bn was placed across Deal of the Year
70 corporates into Asia over the Three dealers serviced Japanese institutional
JPY35bn Notes Series due 2028 / 33 / 38
awards period appetite for higher-yielding corporate debt with
a JPY35bn series of Australian and UK names.
• Japanese demand for higher- The 10, 15 and 20-year deals provided attracting
yielding corporate debt drew in funding for Cadent, Downer Group, Eastern
issuers from Australia and the UK Power Networks and Places for People.
• Coldeco became the first
metal’sand mining company to
issue in Formosa format
Deal of the Year
USD600m Fixed-Rate Callable Formosa Notes BNP Paribas and HSBC’s USD600m Formosa for
Codelco racked up a series of firsts. The copper
due 2048 giant’s 30NC5 note stands out as Latin America’s
debut callable Taipei listing and the inaugural metals
and mining issue in Formosa format.
14TOP
Corporates
CorporatesExpand Asian
Expand Asian Presence
Presence
1
TREN 0
D
CNH, HKD, JPY Corporate MTNs: 2016-18
+25% YoY to
7BN
Oct 2018
$
• Japan life insurance demand drives corporate
credits to rare foreign funding in yen PPs
• Australian and UK corporates find yen
diversification in JPY35bn debuts
Corporate Issuers In JPY: 2018 • Daimler CNH43bn leads corporate Panda
theme
• Australian real estate diversifies offshore,
Vicinity debuts with HKD 10Y
• ING placement of INR and PHP green PPs for
Syndicatum
15HKD
BOOM Power Performer
Cross-Border SSA Debt Sales With over USD500m-equivalent of sales, Societe
Generale grabbed an unmatched 25% of Hong
Kong’s market for international SSAs. Highlights
included returning EIB for its largest MTN in the
currency and an HKD1bn green club deal for the
World Bank.
• Australian and Korean credits
boosted foreign issues Deal of the Year
• Over all Hong Kong dollar private HKD6.1bn Covered FRNs due 2021 The largest MTN in the currency since 2012,
placement volume touched HSBC’s HKD6.1bn jumbo for CBA marked an
USD30bn-eqv almost unprecedented appearance of covered debt
in Hong Kong dollars – and was one of the year’s
• Asian Development Bank and biggest privately placed covered issues of all.
World Bank fostered green growth
16TOP
HKD
HKD Expansion
Expansion
1
TREN 0
D
+35%
Top Five Foreign HKD MTN Issuers: 2018
YoY to
26BN
Sept 2018
$
All Green HKD MTN Issuers: 2017-18 • Australian and Korean issuers have revived
the HKD market for foreign credits as overall
volumes reached HKD200bn
• CBA HKD6.1bn covered FRN cements top
foreign issuer spot
• Korea Hydro HKD1.6bn debut PP – the largest
Korean HKD
• HKD foreign green debt takes off with ADB &
IBRD inaugural deals
17Power Performer Building on its strong Australian dollar trading
Australian Dollar Private Placements franchise, Mizuho ramped up its primary MTN sales in
the currency. It placed the longest post-crisis Aussie
note of benchmark size (Zurich Insurance’s 20-year),
FX
while bringing Engie and Deutsche Bahn back.
Investor Solutions
DIVERSIFICATION Unrated Corporate EM FX PP Origination
ING’s landmark green series for Sindicatum
comprised an Indian rupee synthetic followed by
a similar Philippine peso deal. These debut issues
from the renewable energy firm were also the first
from Singapore under the new ASEAN green bond
standards.
Deal of the Year Underscoring notable Japanese appetite for
NZD200m Notes Series due 2028 international currencies this year, Credit Agricole
completed a quintet of 10-year SSA notes in New
Zealand dollars. Highlights included BNG’s first
• Landmark issues have diversified Kiwi MTN for three years and the World Bank’s
the currency mix in Asia as largest since 2014.
investors search for a pick-up
• CAD and PLN have been spotted
heading to Japan while Taiwan Deal of the Year Japanese institutions’ strong demand for currency
joins for AUD and NZD CAD180m SRI Notes Series due 2028 diversification and SRI debt drove a CAD180m trio
of triple-A supranational notes. Issued by the Asian
• Japanese lifers join SEK buyers Development Bank, African Development Bank, and
• Mizuho leads AUD expansion World Bank, the 10-year deals featured gender and
nutrition themes.
Deal of the Year Underscoring a new expansion of currency appetite
PLN317m Healthcare Notes due 2028 among Japan’s major SRI investors, Dai-Ichi
Life took down a landmark European Bank for
Reconstruction & Development healthcare note in
Polish zloty. Citigroup arranged the 10-year.
18TOP
AsiaAsia
Diversifies Currency
Diversifies Currency MixMix
1
TREN 0
D
+20%
Top Asia Diversification Currencies: 2018
YoY to
2.2BN
Oct 2018
$
• Investors diversifying currency for yield pick-up
• Notable landmarks in atypical currencies have
emerged over past 12 months in: PLN and CAD
going into Japan
Top Issuers in Non-Syndicated CAD/PLN: 2017-18 • Along with typical AUD and NZD buying from
Japan, Taiwan
• EUR popular in long-end vanilla and callables
• SEK spreads into Japanese lifers after Korean
lead 2017
• Korean life insurance sector buys first
structured SEK from NIB
19BANK
CAPITAL Deal of the Year
USD300m Tier II Notes due 2033
Nomura crafted a stand-out jumbo
subordinated private placement with its
Asian-targeted Tier II sale for BBVA. The
USD300m 15-year ranks as one of the largest
private sub debt issues in any currency over
the past five years.
• Senior non-preferred lures Asian
buyers ex Japan Deal of the Year
• CNH, HKD and JPY see SNP growth CNH420m Senior Non-Preferred Notes due 2023
JP Morgan achieved a new landmark in bank
capital when it arranged the first senior non-
• BNP Paribas issues debut CNH
preferred note in offshore renminbi. France’s
SNP Formosa
BPCE issued the 5-year issue of bail-in debt.
• Japan supports sub debt PPs
20TOP
Bank
BankCapital Growth
Capital Growth
1
TREN 0
D
SNP in Asian currencies: 2017-2018
$1.2 BN SNP
$1.5 BN Tier II
• Yield pick-up tempts Asian buyers
Tier II in Asian currencies: 2015-2018 • Asian investors have been strategic backers
of Tier II in size
• As SNP spreads globally it is turning into a
new asset class that investors cannot ignore
• Still slow but growing acceptance of SNP
buyer base in Asia
• Japan proves stronghold for subordinated
debt PP leading the region
21Deal of the Year Japanese institutions’ strong demand for currency
CAD180m SRI Notes Series due 2028 diversification and SRI debt drove a CAD180m trio
of triple-A supranational notes. Issued by the Asian
Development Bank, African Development Bank, and
World Bank, the 10-year deals featured gender and
SRI GREEN nutrition themes.
& Deal of the Year Underscoring a new expansion of currency appetite
SOCIAL PLN317m Healthcare Notes due 2028 among Japan’s major SRI investors, Dai-Ichi
Life took down a landmark European Bank for
Reconstruction & Development healthcare note in
Polish zloty. Citigroup arranged the 10-year.
Deal of the Year With SRI sales gaining traction in Taiwan, Kexim
USD400m Green Formosa FRNs due 2023 combined with Deutsche Bank to deliver the first
green Formosa from a third-party issuer. The
USD400m 5-year followed the agency’s earlier green
• A five-strong series of deals debut in Masala format.
recognises the diverse evolution of
both green and SRI debt in Asia
• This embraces SSA and corporate
issuers and highlights themes
Deal of the Year Further evidence of Japan’s meshing of foreign
EUR50m Education Notes due 2038 currency exposure and SRI investing came with
such as education and healthcare North Rhine-Westphalia’s debut social debt issue.
• Multi-currency demand was Daiwa sold the German sub-sovereign’s 20-year
underscored by trades in AUD, education note, adding to Nippon Life’s UN
CAD, EUR and PLN Sustainable Development Goals portfolio.
Deal of the Year From Canada to Korea, DTW drew striking
AUD192m Green / Secured Notes Series due 2038 / 46 international demand for long-dated green and
secured Australian dollar debt. It added a 20-year to
Monash University’s pioneering Climate Bond series,
while selling a 28.5-year for Doma Group’s national
archives facility.
22TOP
Green Bonds
Green Bonds Lead SRI
Lead SRI Sales
Sales
1
TREN 0
D
Asian SRI Non-Syndicated MTNs 2016-18
+100% YoY to
3.5BN
Sept 2018
$
• Japan provides one of the largest pools of
green liquidity as Hong Kong and Taiwan grow
• USD3.5n of Asian SRI sales in 2018, of which
…of which, USD2.3bn are green USD2.3bn are green
• USD, AUD, TWD and HKD account for over
60% of SRI MTNs
• Social bond market embraced themes such a
education, healthcare and the development
of infrastructure
• Local Chinese corporates expand raising
green debt
23Asian Debt Dealer of the Year
PAN Not only leading, but bringing diversification,
to both the CNH and Singapore dollar markets,
HSBC introduced issuers such as AIA, Estado and
ASIA Stockland, while stirring the Formosa space with its
quartet of corporates. The house is also a leading
light in CNY and Asia’s US dollar PP market.
Asian PP Dealer of the Year
Credit Agricole’s pan-Asian origination and
distribution has brought it to the fore of the
region’s market. The dealer is a top player in CNH
and a leader in sales of Chinese financials, while
• Our rising star and dealers of the bringing global SSAs into Korea and Taiwan and is
year have earned their awards one of the foremost houses in both the Japanese
demonstrating their capabilities institutional and retail market. The dealer is also a
across trends in the Asian MTN torch-bearer for green and SRI debt.
and private placement markets.
Rising Star
Rising Star Dealer ANZ’s emergence saw it place more than
USD1.6bn-equivalent into Asia for Chinese,
Korean and Gulf credits, as well as its Australian
compatriots. It pulled off the coup of the largest
Middle Eastern renminbi Formosa, delivering
CNH1.25bn for QNB.
24Structured Dealer of the Year
THE Cross-asset integration has enabled Natixis to
energise Asian structured markets with innovative
underlyings, wrappers and payoffs. It has captured
FUTURE arbitrage opportunities and produced milestones
that include dedicated indices, fund-linkers with
CDS overlays and a syndicated loan CLO.
Market Future Award
Blockchain Debt Innovation The World Bank harnessed future technology to
issue its first distributed ledger note. Drawing
on CBA’s blockchain ‘laboratory’, its AUD110m
‘blockchain operated new debt instrument’ (bond-i)
• Commonwealth Bank of Australia took earlier pioneering efforts in the Schuldschein
placed World Bank’s ‘bond-i’, sector to a new level.
the first bond globally to be
created, allocated, transferred
and managed using blockchain
technology
Editor’s Award
• Meanwhile, Natixis collaborated
KOSPI 3 Structured Products Index Asia’s first dedicated underlying for structured
with Korea Exchange to create
notes, Natixis and Korea Exchange’s Kospi 3 has
the first ever Asia index designed
increased payouts and lowered barriers in the
specifically for structured products world’s largest autocallable market. Natixis has
already structured more than 200 plays totalling
USD1bn on the index.
25SHOWCASE SPONSORS
9th Asia-Pacific Showcase & Awards
18 th OC T 2018, G R A N D H YAT T H O TE L, H O NG KO NG
12:30 – 14:00 NE T W O R K I N G & W E L CO ME LU N C H
at THE POOL HOUSE
Perfect for you and your clients comfort and enjoyment throughout the
lunch, showcase and awards dinner.
14:00 – 14:20 T O P T E N T R E N D S
CHINA CORPS The trends spotlighted
GULF
FORMOSA KOREA RATES CNH CROSS the APAC Awards revealed!
CREDITS
PANDA BORDERS
mtn-i editorial team present the
fastest growing growth trends. Revealing which asset classes,
HKD FX BANK SRI GREEN
&
PAN THE
products, manufacturers, strategies, issuers and distributors are
BOOM DIVERSIFICATION CAPITAL ASIA FUTURE
SOCIAL
driving investor demand.
26SRI
SOCIALISING FORMOSAS
14:20 – 15:20 KE Y M A R K E T PA N E L BULLS
CHINA
CAPPED
BUSTED
Bulls Busted! CALLING
Regional leaders from HSBC, Standard Chartered,
Credit Agricole and The World Bank consider the Asia’s biggest challenges and opportunities KOREA
for issuers and investors amid the current turmoil and the longer term trends we’ve identified. RISING
Bulls Busted. What challenges face investors and issuers if decade long equity and bond market rallies end
simultaneously, never mind the pain of rising rates, trade wars and even Brexit.
• Formosa capped out? As the new limits bite, how will the Formosa market evolve from here. Headline volumes
may be culled but will new opportunities evolve?
• China calling. With new and significant Chinese issuers emerging, demand for the currency resurging and the
domestic market opening further – what are the opportunities for issuers and investors.
• Korea rising. What’s the next chapter for Korean investor demand after the KRW/Euro basis swap story?
• SRI socialising. Within the rapid growth of the SRI asset class – how significant is the rise of the Social bond?
Benjamin Lamberg Venkat Rao Annemarie Ganatra Yoshiyuki Arima
Global Head of MTNs & Private Director, Head of MTNs & Global Head of MTNs & Lead Financial Officer
Placements & Head of Credit Asia Structured Notes Asia Pacific Private Placements Representative Japan
2715:20 – 16:20 M T N , C R E D I T & S T R UC TU R ED S O LU TIO N S S H O W CAS E
Award winning deal, investor solutions and credit pitched against the clock!
Francois Courtois Francis C.M. Ho Ghyslain Ladret Kelvin Goh
Head of Senior Director - Group Regional Head of Head of
Investor Relations Treasury & Project Finance Structuring Asian operation
Shoaib Ahmed Malek Benfetima Daniel Leong Yoshiyuki Arima
Asia Bond Syndicate / Senior Vice-President Director Lead Financial Officer
MTNs & PP Global Structured Solutions Debt Syndicate Representative Japan
2816:20 – 17:30 SPEED NETWORKING
It’s the stand out hit at our regional showcases. You’ve spent
the afternoon sitting among the market’s dealing and issuing
elite and its rising stars. Now it’s time to have a 5-minute
date and swap cards!
You’re colour-coded (issuer, dealer, investor),
so you won’t be sitting opposite the
competition. Bring your business cards and
get ready to date!
18:30 – 21:30 DR I N K S R E C E P T I O N &
AWA R D S D I N N E R
Take your seats for the 9th Annual Asia-Pacific
MTN and Pivate Placement Awards, recognising
innovation and inspiration and celebrate in style
in the company of the market’s leading dealers,
issuers and investors.
21:30 – Late L AT E A F T E R PA RT Y
LOCATION TBC
29SPEAKER BIOGRAPHIES
Francois Courtois Francis C.M. Ho
SENIOR DIRECTOR - GROUP TREASURY & PROJECT FINANCE
HEAD OF INVESTOR RELATIONS Francis Ho is responsible for CLP Group Treasury including corporate funding & project finance,
Before joining BPCE as Head of Group Investor Relations & Ratings Agency Relations, Francois financial risks management, credit ratings, debt investors and bank relationships as well as
worked for 9 years at Natixis, leaving as Managing Director, Head of General Secretary compliance of treasury activities.
Department for Finance & Risks Division. Francois studied at the Toulouse Business School.
Prior to the assignment at Group Treasury, Francis was a project financier at CLP Power Asia, specializing in project
finance, investment appraisal and financial risks management for CLP’s overseas investments in China, Australia, India,
and South East Asia. Francis held various management positions in investment banking before he joined CLP.
Francis is the Convenor of the Hong Kong Association of Corporate Treasurers and a founding member and the
Chairman (Membership) of the International Association of CFOs and Corporate Treasurers (China). Their objectives are
Benjamin Lamberg to promote the treasury and finance profession in China and Hong Kong.
GLOBAL HEAD OF MTNS & PRIVATE PLACEMENTS &
HEAD OF CREDIT ASIA
I am responsible for the developments of the Global Debt Markets division in Asia, including
Japan. We have a team of seasoned market professionals covering both the primary and
secondary markets, located in Hong Kong, Tokyo and Seoul. Kelvin Goh
HEAD OF ASIAN OPERATION
Kelvin Goh is Head of the APAC region for HALO Investing, responsible for delivering bespoke
marketplace solutions to buy side and sell side institutions. HALO is US-based and operates on
4 continents globally.
Kelvin has more than 18 years in the finance industry experience in various capacities at top-tier global Investment Banks and
Private Banks. He has been directly involved with the entire lifecycle of structured products from origination to distribution.
Ghyslain Ladret Prior to HALO, he was an investment manager for high net worth families and the endowment fund of an
international school in Singapore.
HEAD OF CROSS-ASSET STRUCTURING
ASIA PACIFIC / GLOBAL MARKETS DIVISION
Ghyslain has held various positions over the past 20 years, managing teams in charge of the
design of solutions across all asset classes (FX, Equities, Rates, Credit and Hybrids).
Based in Hong Kong, Ghyslain’s responsibilities encompass:
• CACIB EMTN platform for Structured notes distributed to Asian investors
Venkat Rao
• Asset & Liability management solutions for Banks, Insurance companies and Corporates DIRECTOR, HEAD OF MTNS & STRUCTURED NOTES ASIA PACIFIC
• Asset Repackaging and Tailored financing activities Venkat Rao joined HSBC in 2015 and is the Head of MTNs and Structured Notes team for Asia-Pac,
• Structured Finance hedging transactions focusing on connecting HSBC’s global issuer clients to the Asian investor base. He has 11yrs of
experience in the banking industry spanning roles in debt syndicate, structured finance and principal
investments. Prior to joining HSBC, Venkat worked at Bank of America Merrill Lynch out of Hong Kong and Mumbai.
Venkat holds a bachelor’s degree in Electrical Engineering from Indian Institute of Technology, Delhi and a MBA from
Indian Institute of Management, Bangalore.
30Shoaib Ahmed Annemarie Ganatra
VICE PRESIDENT, MTNs & PPs / ASIA BOND SYNDICATE
Shoaib Ahmed is a member of ING’s Asia Debt Syndicate team and has worked on the GLOBAL HEAD OF MTNS & PRIVATE PLACEMENTS
distribution of over 50 investment grade and high yield bonds in various international and local Annemarie manages a team of 5 based in Hong Kong and Taipei, responsible for origination,
currencies. Shoaib also heads the Asian MTN and Private Placements business for ING. Prior structuring and marketing of private placements/non-syndicated and Formosa bonds issued
to joining ING in August 2015, Shoaib was with RBS in Singapore and Hong Kong with responsibility for Asia DCM by SSA, financial, corporate and EM borrowers, for distribution to the global institutional, HNW
Syndicate as well as MTNs and Private Placements. and retail investor base.
Shoaib graduated from the Indian Institute of Management, Calcutta with a Post Graduate Diploma in Management. He also Product range comprises vanilla, local currency and rate/FX/credit/commodity-linked issues in the MTN, CD, CP,
holds a Bachelor Degree in Computer Science Engineering from the Birla Institute of Technology and Sciences, PIlani Uridashi and Schuldschein markets.
She is focused on building out the private placement franchise within the Standard Chartered group, leveraging
established global DCM relationships in footprint regions as well as Europe and the Americas, and developing
institutional private placement investor relationships globally to bring new investment and funding opportunities to
the bank’s client base.
Malek Benfetima Annemarie joined Standard Chartered in September 2014 after nearly 17 years at HSBC based in London, New York,
Tokyo and Hong Kong, in Global Capital Financing and Global Rates Structuring.
SENIOR VICE-PRESIDENT, GLOBAL STRUCTURED SOLUTUONS
Annemarie holds a Bachelors Degree & Masters Degree in Physical & Inorganic Chemistry from Cambridge
Graduated in Finance from French University Sorbonne-Assas in 2008. He started his career in
University, and a Masters’ in International Business from Grenoble Ecole de Management, France.
EMTN in early 2008 within Structured Bond Syndicate team of Societe Generale with specific
focus on short term funding and frontier currencies.
He joined Commerzbank in early 2010 to develop the franchise in London but also in Asia (several months in
Singapore) and Middle-East. Commerzbank emerged as top 10 dealer in EMTN markets for several years.
Since 2015, I am part of Global Structured Solution at Jefferies in London with a special focus on primary
transaction for third party issuers. Jefferies has emerged as a specialist and market leader in structured products
with over 100 private placements done since 2010 with all classes of issuers (SSSA, FIG, Corporates) in 4 continents Yoshiyuki Arima
and 9 different currencies.
LEAD FINANCIAL OFFICER REPRESENTATIVE JAPAN
Yoshiyuki Arima joined the Treasury of the World Bank in Tokyo, Japan in March 2000. As a
Representative World Bank Treasury in Tokyo, Mr. Arima is engaging in Investor Relations and
New Products for Japanese investors. Mr. Arima is responsible for the overall relationship of
the World Bank with Japanese investors.
Daniel Leong Prior to joining the World Bank, he worked for Bank of Tokyo and Bank of Tokyo-Mitsubishi (MUFG Bank) for 11
DIRECTOR, DEBT SYNDICATE years in the corporate finance business, including export and import finances for trading companies, banking loan
businesses, M&A business for Japanese corporates, and guarantee / fiscal agent business for corporate borrowers,
Daniel joined Mizuho in May 2016 and is a Director on the Debt Syndicate desk responsible for
including Samurai bond issuers. He also worked for the securities arm of Bank of Tokyo in New York to engage in
Asia-Pacific capital markets transactions in USD, AUD and Asian local currencies.
Trading/Sales for US Treasury Bonds, Repo / Reverse Repo Transactions, and CME / CBoT Financial Futures.
Daniel has been responsible for building the AUD DCM syndication franchise at Mizuho from
He graduated Hitotsubashi University in 1989. He was a Nordic combined ski player (jump and cross country) when
the ground up and into a top 6 Kangaroo house.
he was in the university.
He has over 10 years of experience in capital markets in Asia and Australia. Prior to Mizuho, Daniel was previously
at ANZ, RBS and ABN AMRO in various fixed income roles.
31SPONSOR PROFILES
Crédit Agricole CIB is the Corporate and HSBC Holdings plc, the parent company of We are a leading international banking group,
Investment Banking arm of the Crédit Agricole the HSBC Group, is headquartered in London. with a presence in more than 60 of the world’s
Group, the world’s n°13 bank measured by The Group serves customers worldwide from most dynamic markets. Our purpose is to drive
Tier One Capital (The Banker, July 2018). The around 3,800 offices in 66 countries and commerce and prosperity through our unique
Bank offers its clients a comprehensive range territories in Europe, Asia, North and Latin diversity, and our heritage and values are
of products and services structured around six America, and the Middle East and North expressed in our brand promise, Here for good.
major divisions: Africa. With assets of US$2,607bn at 30 June
2018, HSBC is one of the world’s largest Standard Chartered PLC is listed on the London
• Client Coverage & International Network banking and financial services organisations. and Hong Kong Stock Exchanges as well as the
• Global Investment Banking Bombay and National Stock Exchanges in India.
• Structured Finance
The history of Standard Chartered in Hong Kong
• Global Markets
dates back to 1859. It is currently one of the Hong
• Debt Optimisation & Distribution
Kong SAR’s three note-issuing banks. Standard
• International Trade & Transaction Banking
Chartered incorporated its Hong Kong business
The Bank provides support to clients in large on 1 July 2004, and now operates as a licensed
international markets through its network bank in Hong Kong under the name of Standard
with a presence in major countries in Europe, Chartered Bank (Hong Kong) Limited, a wholly
America, Asia Pacific and the Middle East. owned subsidiary of Standard Chartered PLC.
For more information, please visit its website For more stories and expert opinions please visit
at www.ca-cib.com. Insights at sc.com. Follow Standard Chartered
on Twitter, LinkedIn and Facebook.
32AMERICAS GLOBAL ASIA-PACIFIC
Americas Structured Note Showcase & Awards MTN Showcase & Awards Asia-Pacific Showcase & Awards
April February October
MIAMI LONDON HONG KONG
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We bring together the dealer, issuer and investor In the near 20-years since it was founded by CEO
on MTNs, Private Placements, and Structured Notes.
expertise driving these trends at our London, Miami Mike Tims mtn-i has been dedicated to creating
Our news, awards and magazines spotlight the and Hong Kong events – showcasing the ideas and the transparency in private debt market, highlighting their
fastest-growing products, markets and key trends talent, recognising them with our awards and creating an value and bringing market participants together.
“
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t +44 20 7437 1331
c +44 77 7189 1662
e mike@mtn-i.com
cutting-edge, we’re on it!
35Meet the team providing you with the market analysis...
Mike has been writing about MTNs and structured notes since 1995. Julian wrote his first stories on what was then a fledgling market as a cub reporter
And since 2000 he’s been the founder and CEO of mtn-i. These markets in the late 1980s - and has enthusiastically tracked MTNs’ continuing growth ever
and mtn-i have come a long way since then! since. Besides new structures and credits, he has a strong interest in the use of
capital markets to address social challenges.
Mike Tims
Founder & CEO, mike@mtn-i.com Julian Lewis
Managing Editor, julian@mtn-i.com
Atanas joined mtn-i in 2015, having previously covered capital markets Luka joined mtn-i in 2016. He started his career in journalism in 2014,
across multiple asset classes for six years from Tokyo. While leading mtn-i’s covering Islamic finance before moving to European private debt. He has a
intra-day coverage in Asia and Europe, he retains a particular interest in deep interest in the Euro PP and Schuldschein sectors.
Japan-related issues.
Luka Dimitrov
Atanas Dinov Reporter, luka@mtn-i.com
Senior Reporter, atanas@mtn-i.com
Ed joined mtn-i in 2016 after graduating from the London School of Georgia joined mtn-i in 2018 after graduating from the London School of
Economics. He focuses on North American structured debt, while covering Economics. She spent a year at the Bank of England as an operations analyst
international MTNs too. earlier in her career. She has a strong interest in the economic and political
developments that impact MTNs, as well as in green/socially responsible debt.
Edward Clark
Reporter, edward@mtn-i.com Georgia Haigh
Reporter, georgia@mtn-i.com
Our real-time trade-by-trade reporting underpins our intra-day commentary, daily structured and vanilla MTN reports, and three
weekly reviews - our Vanilla MTN Weekly, Structured MTN Weekly and North America Structured MTN Review.
These are complemented by our mtn-intelligence magazine series, which provides longer-range perspectives and analysis.
36 Email us directly or reach the full team at editorial@mtn-i.com or call +44 20 7437 1331....and our support team.
Daniel joined mtn-i in 2017 as our Business Development Manager having Zhan is mtn-i’s Chief Technology Officer. His responsibilities
previously worked on the EMTN desk at Dresdner Kleinwort. After setting up the Cure range from planning for future systems development to
& Action for Tay-Sachs (CATS) Foundation charity to find a cure for the terminal illness daily IT management.
in children called Tay-Sachs, he moved back into the business to lead our sales.
Zhan Tan
Daniel Lewi CTO, zhan@mtn-i.com
Business Development Manager, daniel@mtn-i.com
Ross joined mtn-i in 2012, having begun his career in Irish Life as a financial Shannon joined mtn-I in 2014, having previously trained
planner before leaving to establish a construction project management business. and worked as an actor. She is responsible for planning,
He has also worked in corporate training, professional development, lecturing and development, marketing, sales & implementation of our global
for educational service providers. Ross is now responsible for mtn-i’s operations, events programme.
sales & subscriptions.
Shannon Palmer
Ross O’Daly Event Manager, shannon@mtn-i.com
Operations Director, ross@mtn-i.com
Michel joined mtn-i in 2014 as an intern and is now responsible for data, Reiko joined mtn-i in 2016, having previously worked in sales
ensuring that our database is as accurate and complete as possible. He for seven years in Tokyo. She focuses on collecting and grouping
also provides technical support to clients and the editorial team for all things Japanese deals, making sure mtn-i remains the market’s leading
database-related. source of Uridashi and related data.
Michel Noiret Reiko Terakawa
Data Manager, michel@mtn-i.com Sales & Data, Japan, reiko@mtn-i.com
37Editor’s Award Dealers & Issuers of the Year Market Future Awards Investor Solutions 38
Deals of the Year
39Power Performers Rising Stars 40
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